The Central Bank is the sole monetary policy-making and policy-executing entity in the Republic of China. Its organization structure is shown in the chart below. The decision-making body is composed of three parts, namely, the Board of Directors, the Board of Supervisors, and the Governor and Deputy Governors.
The Board of Directors
The board of Directors is the highest decision making body of the Bank. It consists of eleven to fifteen directors nominated by the Executive Yuan (Cabinet) and appointed by the President. Five to seven directors of the Board are designated as executive directors. According to the Central Bank of China Act, the Governor of the Central Bank, the Minister of Finance and the Minister of Economic Affairs are ex officio directors and executive directors. Directors, except for ex officio directors, are appointed for five-year terms and can be reappointed upon the expiration of their terms. The Board meets four times a year. Currently, the Board consists of fifteen members, of whom six are concurrently executive directors.
The Board of Supervisors
The Board of supervisors is authorized to examine the Bank's assets and liabilities and to audit its accounts. It consists of five to seven supervisors, and all of them are nominated by the Executive Yuan and appointed by the President. There are five supervisors at present. The Director General of the Directorate-General of Budget, Accounting and Statistics of the Executive Yuan is an ex officio supervisor. Except of ex officio one, Supervisors are appointed for three-year terms and may be reappointed upon the expiration of their terms.